Lottery system provider Pacific Online Systems Corp. (LOTO) swung to a net profit of P11.3 million in the first quarter from a net loss of P13 million.
While total revenues declined by 15 percent to P104.1 million, LOTO booked a P10 million one-off gain from the sale of property and equipment during the first three months.
As a result, other income jumped to P8.1 million from only P1.5 million.
Despite the lower revenues, LOTO realized operating income of P3.2 million as it was able to contain costs and expenses through operational efficiencies.
Costs and expenses decreased by 26 percent to P100.9 million due to lower variable costs such as software license fees and operating supplies. The company also reported lower depreciation expense due to property and equipment being fully utilized in 2021.
LOTO, which is run by bilyonaryo Willy Ocier, provides technical and market expertise for the distribution of lottery products in the country in partnership with the state-run Philippine Charity Sweepstakes Office (PCSO).
Since 1995, LOTO has been leasing to PCSO its online lottery systems for the Visayas and Mindanao regions.
Energy Development Corp. (EDC), a subsidiary of Lopez-led First Gen Corp., has been awarded the contract to supply electricity to three distribution firms for the entire island of Bohol from 2024 to 2033.